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Should you create an offshore asset protection trust?

December 3, 2008 by  

Protect your assets offshoreAs the financial landscape of the U.S. changes, people may be looking around for different strategies to protect their wealth.

Writing on his blog, former U.S. representative from Maryland Bob Bauman suggests that those who would like to make sure their assets are safe from taxes and similar threats may want to consider creating an offshore asset protection trust (APT).

Bauman points out that President-elect Barack Obama sponsored the Anti-Tax Haven Act in 2007, which gives the Treasury Secretary the power to issue rules that limit how Americans manage their money offshore.

He suggests that an APT offers both a strong level of defense for your assets and a robust privacy guarantee.

APTs in offshore haven countries are able to defend against civil judgments in the U.S., Bauman claims, citing a shorter statute of limitations on suits, as well as "far greater privacy, diversification of financial risk and better investment flexibility."

However, he adds that although APTs offer significant asset protection, they do not help investors make savings on most U.S. taxes.

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